NEW YORK, Jan. 13 (UPI) -- American International Group Inc. is expected to pay more than $1 billion to settle civil-fraud investigations by state and federal agencies.
The Wall Street Journal said Friday a proposed settlement would end a lawsuit filed in May by New York state authorities that claimed AIG, which has a market value of $184 billion, and its former chief executive cooked the books in recent years to mislead investors and regulators.
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The proposed $1 billion settlement, which also includes the Securities and Exchange Commission, won't be announced until it is reviewed by the SEC's five commissioners later this month.